Short Interest in Centerspace (NYSE:CSR) Rises By 12.3%

Centerspace (NYSE:CSR) was the recipient of a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 892,300 shares, an increase of 12.3% from the August 31st total of 794,800 shares. Based on an average daily trading volume, of 141,500 shares, the days-to-cover ratio is presently 6.3 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Piper Sandler lifted their price objective on Centerspace from $64.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Raymond James upped their price objective on Centerspace from $75.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Royal Bank of Canada increased their target price on shares of Centerspace from $72.00 to $73.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Finally, BTIG Research lifted their price target on Centerspace from $69.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $72.29.

Centerspace Trading Down 0.6 %

CSR stock traded down $0.46 on Friday, hitting $71.58. 104,252 shares of the company were exchanged, compared to its average volume of 103,706. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.04 and a quick ratio of 0.04. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of -89.48, a price-to-earnings-growth ratio of 2.18 and a beta of 0.90. Centerspace has a twelve month low of $46.74 and a twelve month high of $76.16. The business’s fifty day moving average is $72.78 and its two-hundred day moving average is $67.86.

Centerspace (NYSE:CSR) last released its quarterly earnings data on Monday, July 29th. The company reported ($0.19) EPS for the quarter, missing the consensus estimate of $1.20 by ($1.39). The company had revenue of $65.04 million during the quarter, compared to analysts’ expectations of $65.90 million. Centerspace had a negative net margin of 2.16% and a negative return on equity of 0.67%. During the same period last year, the business earned $1.28 earnings per share. As a group, research analysts forecast that Centerspace will post 4.83 earnings per share for the current year.

Centerspace Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Monday, September 30th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date of this dividend is Monday, September 30th. Centerspace’s dividend payout ratio is presently -375.00%.

Hedge Funds Weigh In On Centerspace

Institutional investors have recently made changes to their positions in the stock. Rothschild Investment LLC acquired a new position in Centerspace during the 2nd quarter valued at about $42,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Centerspace during the 1st quarter valued at $173,000. Victory Capital Management Inc. bought a new stake in shares of Centerspace in the 2nd quarter worth $209,000. Daiwa Securities Group Inc. boosted its stake in Centerspace by 4.9% during the first quarter. Daiwa Securities Group Inc. now owns 4,764 shares of the company’s stock valued at $272,000 after buying an additional 222 shares in the last quarter. Finally, BTC Capital Management Inc. acquired a new position in Centerspace during the first quarter worth about $279,000. 79.00% of the stock is owned by institutional investors.

About Centerspace

Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, as of September 30, 2023, Centerspace owned interests in 71 apartment communities consisting of 12,785 apartment homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota.